PROCESS FLOW - FULL ACATS TRANSFER

Overview:

An ACATS transfer request typically takes 4 business days to complete and may take as long as 7 business days depending upon the circumstances involved in the transfer. Outlined in the table below is a process flow of the transfer process, including typical time frames for each stage of the process.

Delivering broker has up to 1 day to review transfer request for accuracy of account details and accept or reject.

If validated, delivering broker submits asset list;

If rejected, delivering broker enters applicable rejection code.

Day 1 to Day 3, depending upon timing of customer submission, each brokers input relative to the ACATS multi-batch processing cycles and the ability of the two brokers to corroborate the customer’s account details.

4

Acknowledged

Review

If transfer request was accepted by delivering broker, the receiving broker (IB) has up to 1 day to review asset list.

If asset list was received, receiving broker (IB) can either accept the account, request adjustments (e.g., where asset lists include securities not eligible at receiving broker), or reject the account (e.g., where account is not in margin compliance).

Day 2 to Day 4, depending upon events as noted above as well as decision of receiving broker to accept the account or request adjustments.

Rejected

Rejected

If transfer request was rejected by delivering broker, depending upon the nature of the rejection the receiving broker may have up to 1 day to resubmit request.

If transfer request was rejected by delivering broker, receiving broker may correct and resubmit request or take no action and let request reject.

Day 2 to Day 4, depending upon events as noted above as well as decision of receiving broker to accept the account or request adjustments.

5

Acknowledged

Settlement Prep

If receiving broker (IB) accepts the account the assets are staged and ‘locked’ for transfer. Assets begin to transfer.

Neither the delivering nor receiving firm can adjust or delete the ACATS transfer. Settlement will take place next business day.

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